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As of February 2012, 5 million guest nights have been booked worldwide since the site’s launch in 2007, with a 500% growth in the past year and accommodations in over 19,000 cities.

Airbnb Global Growth Infographic

I’ve now stayed at two properties (one in San Diego and one in Santa Barbara) and I’m officially on the Airbnb bandwagon. Here’s why:

1. Comfort: After traveling so much in my career, I’ve grown weary of the generic, cookie cutter look and feel of hotel rooms, even 5-star accommodations. Staying at an AirBnb is like staying at a friend’s house, with all the comforts and spaciousness of a home, like a kitchen and a comfy living room with books and magazines to peruse.

2. Amenities: I’ve started to deplore how hotels nickel and dime guests, especially when it comes to wifi and water. Both Airbnbs I’ve stayed at offered free, secure wifi and purified drinking water. It might sound trivial, but I feel like water and wifi should be included in a guest’s stay. And at our Santa Barbara rental, the owner provided two bikes, with bike locks and helmets for guests. I can’t tell you how awesome it was to arrive and jump right onto the bike to explore the city. Plus, there was free street parking just feet away from the entrances at both properties.

3. Cost: Bottom line, you get a lot more for a lot less at an Airbnb. And you don’t have to pay for all the hidden costs of hotels.

Not all people will love Airbnb (especially those enamored by turn-down and room service). But I get a feeling a growing number of folks will like what Airbnb has to offer (on both the demand and supply side) and it’s going to take a big bite out of the hotel industry pie.